Vocus Group's profit dips 29 per cent

Company News

by Anna Napoli

Telecommunications company, Vocus Group (ASX:VOC) has announced its first half results for the 2019 financial year with underlying net profit sliding 29 per cent to $48.8 million compared to the year earlier period.

Revenue increased ever so slightly by 1 per cent to $974.2 million.

Earnings (underlying EBITDA) slid 10 per cent to $170.7 million.

The company did not declare an interim dividend.

Looking forward, Vocus has confirmed full year earnings guidance of $350 to $370 million.

Vocus says strong sales momentum was, offset by higher than normal churn and provisioning cadence, both of which are being addressed as a priority.

The company says it does not intend to grow NBN share in the market but will focus on optimising the broadband experience for existing customers.

Shares in Vocus Group (ASX:VOC) are trading trading 3.99 per cent higher at $3.65.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.